TX Group Europe Limited, the parent group of Timex, Vertime brands, Guess and Gc in the UK, has reported sales of £12.8 million for 2016, a 10% rise on the £11.6 million turnover of 2015.
In accounts posted this week at Companies House, the group showed losses for the financial year rising from £2.1 million in 2015 to £2.9 million in 2016.
The business of TX Group Europe Limited in the UK is made up of two divisions. One division is responsible for distributing Timex watches and Vertime brands including the more luxurious licensed watches of Versus, Versace and Salvatore Ferragamo.
Sales for the division as a whole rose 21% in 2016. Timex sales were up 18% in the year, while Vertime brand sales increased by 44%.
The second division, which is wholesaler for Guess and Gc watches in the UK, reported turnover rising by 4% in 2016.
TX Group is the second major UK watch wholesaler to declare its 2016 financial results. Last month Citizen Watch UK reported a 2% rise in turnover last year with sales of £26.6 million.
Both groups operate predominately in the market for watches priced at under £500, a sector that declined by almost 13% in the UK last year, according to retail analyst GfK.
There were over 10 million watches costing under £500 sold in 2011. This has fallen to just 7.2 million units worth £486 million in 2016, GfK calculates. Rising average transaction values do mean that the total value of sales for watches costing less than £500 was higher in 2016 than in 2011.